J.D. Power: EV demand growth has slowed slightly, and dealer supply is growing

You might have heard that the sky is falling on the EV growth curve, but the reality is that more people are buying them than at any point before. That said, J.D. Power’s recent research found that EV market share will fall slightly in May, the first time since the organization started the study in 2021.

The study found that 24 percent of car shoppers are “very likely” to consider an EV, down two points from the same time a year ago. That decline is due to shoppers’ concerns about charging availability, high prices, middling driving ranges, and the amount of time it takes to charge.

Early adopters and strong incentives meant that EVs have been more challenging to find on dealers’ lots than comparable gas models, but that’s changing. J.D. Power said that EV availability has reached 54.3 on a 100-point scale, falling close to gas vehicles. EV adoption fell to a J.D. Power-scored 16.2, the lowest since late 2021.